ReSA The Review School of Accountancy TAXATION First Pre-Board Examination MULTIPLE CHOICE February 10, 11:45 AM to 2:45 P.M. Tel. No. 735-9807 & 734-3989 2019 (Sunday) FREGRUGHIONS: Select Nark only one answer ded. The GOEEGCL answer for each of the fellowing questions ding the box corresponding to the STRICTLY NO ERASURES ARE ALLOWED. D € x So) ee 7. BF Tk 27. c a Sova te ee. “aa 3 € Sera ear aoane 25: x pal (aoe 20.5 30 meal B Bonus item SUPPORTING COMPUTATIONS sae “Sasic statutory siniaum wage —[Er7s 600 ‘Gvertine pay = 40,006 Night-shift differentaal iss a0¢ [wetaz a ipea0--008 4.8 woe eales/receipts z a B2,500,00¢ Tax rate 18. Amusement tax HSO;006 8D Geos compensation income = PL; 200,00 Add: Paxable 13” month pay and other benefits (120,000 — | 90,000) = 30,001 Taxable compensation income [Binza0.006 19. ¢ ~ Actual Funeral expenses (30,050 + 50,000) F280,000 init (54 x 10,000,000) = 2500, 000 Allowed (Lower) (maximum) a 2250.00 20. 5 a Funeral expenses ‘Actus 200,000 Timi (2,700,000 x 58) P135,000 | P 135,006 Gisine against insolvent person 50,006 Transfer to National Government 100,000 Other deductions 7,000,000. Total = a? BL.2ns 000 29.0 ti ( Gcses estate (real and pexsonal PFOBETEY) 2,700,000) Het eiats borore apeaial deductions {ae toe |ues8: Standard deduction "1,000,006 ie net estate Eats ‘000ReSA: The Review School of Accountancy 39. 8 ie ie eco of Tend, aaneased valve (higher) rice) Te [motel gross gifte i Page 2 of 3 [#1,000,000"] 760-000 _| | 200,000, {Birs00.000 | | ehere = | | administrative purpose. cig te Tansey Too non-profit woligious organization is an exempe transfer’ | | transfer £0 2 non Pree part of the gross gifts for verification By the EBere af hot more than 308 of the donation shall be used by the donee for [civés tos Ror profit religious organization (200,000 + 700,000) | # 3097000 | ae pe Bose) [Groeo gifts ae 75,500,000 | [feet Sesscetone 390-500 [Taxable not eifts 3 ¥ 1,000,000 42. [Taxable net gifts = ee 1,000,000 | ‘Tax rate ia a z is 30% ([Doner's tax 7 - z =—00-000 | aac eee ao _ z Grose gifts Fi, 900,000 Less Deductions 300,000, Sees : = FE000-008 Donor’s tax due 250,000 Txeape 750,000 x 6 75,000 | 25,000 } a7. 7 Gcis zeceipts, lease of residential waits (onthly xental is or 3,500,000 Tale of Cour (a) eesidential Tots ot F1,500,000 each to leanne! four (4) individual buyers 6,000,000 VAT-exempt gross anount =a Be, 500,000 ag, co i [Gross receipts, trucking business 755,800,000} Gross receipts, practice of accountancy [1,000,000 | ‘Sale of three (3) parking spaces at P500,000 ea: : 1,500,000 Hvatable gross anount = eae 57. D ‘The input tax shall be Claimed outright. The amortization VAT shall only be allowed until December 31, 2021 taxpayers with unutilized y amput VAT on capital goods purchased or imported shall be allowed to apply the same as scheduled until fully of the input after which [utilized 58.6 2 Paras pizza. P980.00 | [piengoreaste 180.00 Total VAT-exeapt sales ano oes! vad sockuded Sn ie VAE-eweapt sais 000,00 = az7mIa) | “18.81 ates PB 946.43 | | s9.¢ VaT=exempt sale a Bales discount wate 96.8 sae er ccount to senior citizen a60. B 6 83) 66 69. 70 ReSA: The Review Sch ool of Accountancy Total calos (WA inclusive) Tose’ Sales discount aon Vat included on VAT-exempt sale Net sales Ada; Serviee chat | ‘Total sales (VAT inclusive Less: VE (2,260.00 otal sales before VAT [Hess: Sales discount to Net sales Servies charge rate #3,000,000_| ae 30,000 [orcas veceipts, Franch: ¥3, 500,000 Tan ate - a aii Te ago.na0 ‘Gross reeipte, cele of water pe : ares P3, 500,000 | Gross receipts, rent of office spaces == SSE otal arses recenpes See ee Se oe VAT at 308 : aoe Bis pot “ssbjest_te epusanont taxes abe ee (Gross selling price (100,000 shares x Fi a a [oseeea (100,00 “= Piz) PY, 200,000 Stock transactions tax a a Ratio = 00,000 — 3 ; = 08] [Gress sailing price (100,000 shares = Pia) ie r Pr, 400,000 Stock transactions tax. Dae aa Ee a00